key performance indicators (KPI)

A key performance indicator (KPI) is a measurable value that helps companies know if they are meeting their most important business objectives. KPIs can be used at any level of businesses, from top management to individual departments and project teams. The most successful KPIs are specific and measurable; the goal of these indicators is to provide hard data on where a business is succeeding and where it needs to improve. It is generally a good idea to favor quantitative indicators – those that can be expressed with a number or a value – over qualitative indicators that cannot be expressed with a number. A good KPI also needs to realistically attainable, and so should include a time frame for completion.

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